After weeks of speculation, President Barack Obama’s campaign is on track to setting presidential fund-raising records while many Republican candidates are suffering from debt, numerous competitors and a general lack of commitment from big-dollar donors.

Presidential candidates officially filed their financial reports for the second quarter today, giving the public a first look at each of the candidate’s ability to compete in an election that is well on its way to becoming the most expensive in U.S. history.

Obama’s whopping $46 million haul has left his GOP challengers miles behind in the money race. The president’s re-election campaign raised almost three times as much as Republican Mitt Romney’s campaign, which raised the most second-quarter money among the dozen GOP candidates seeking their party’s nomination.

Romney’s $18.3 million appears underwhelming not only compared to Obama’s total but also when 2008 election cycle fund-raising numbers for Republican presidential hopefuls are taken into account (Romney was fourth in the money race at this point in 2007 with $21 million raised during the second quarter.) Romney also already spent 31 percent of the money he raised during the second quarter, while Obama spent 24 percent.

Obama’s heavy cash haul may not, however, be perfectly comparable to the Republican candidates’ fund-raising at this stage in the game.

Gary Jacobson, professor of political science at the University of California at San Diego, told OpenSecrets Blogthat running a primary campaign is different than a general election campaign.

“Once the Republican nominee is sewn up or it’s pretty clear who the winner is going to be then a lot of money is going to flow to that candidate,” he said.

Even with Romney clearly having the lead among the Republicans, the race is largely viewed as an open contest with several candidates — including possible candidates such as Texas Gov. Rick Perry and former Alaska Gov. Sarah Palin — showing nomination potential.

For example, Rep. Michele Bachmann (R-Minn.), may not have raised as much as Romney, but she is polling surprisingly well and is known for her ability to raise large sums. During the 2010 election cycle, she raised more than any other member of the House of Representatives. And given her later entry in the race, her expenditures this quarter have been minimal. Bachmann reported spending only $260,650 of the $3.6 million she raised.

Bachmann also has more cash on hand than former Minnesota Gov. Tim Pawlenty, who was the first to announce his presidential bid. Pawlenty’s fund-raising total disappointed many Republican insiders who considered him a top-tier candidate with the ability to challenge Romney.

Rep. Ron Paul (R-Texas) slightly out-raised both Bachmann and Pawlenty during the second quarter, bringing in $4.5 million without running a debt. Although Paul has enjoyed strong support from a core group of Republicans and libertarians, he struggled during the 2008 election to reach the wider public and did not win any primary contests.

Although low numbers in comparison to Obama are not of concern right now, those occupying the lower end of the Republican pack, such former Sen. Rick Santorum (R-Pa.) who raised $580,000, may be in danger.

But Gerard Thibodeau, a Santorum supporter who gave $2,500 to the campaign, still thinks Santorum can be a strong contender because he is fiscally and constitutionally conservative.

Of the candidates, Newt Gingrich faces the most serious debt, at about $1.03 million. For Gingrich donor William Dayton, who contributed $2,500 to the campaign, that debt doesn’t immediately spell an end to his support.

“I have to see how successful he is in turning his campaign around,” Dayton, who says hg personally knows Gingrich, told OpenSecrets Blog. “He’s a very clever fellow and he says he can (turn it around.)”

Other GOP candidates, including former New Mexico Gov. Gary Johnson, former Godfather Pizza CEO Herman Cain and political activist Fred Karger have to varying degrees struggled to fill their campaign coffers. Former Louisiana Gov. Buddy Roemer, who has attracted minimal interest and cash, continues to operate a presidential exploratory committee.

“Either they haven’t been trying to raise the money, which suggests that they’re not serious about winning the nomination, or when they tried, they failed,” Jacobsen said.

Meanwhile, former Utah Gov. Jon Huntsman and Rep. Thad McCotter (R-Mich.) formally entered the race as the filing period ended and generated scant data about their finances.

The majority of candidates relied on individuals rather than political action committees for contributions during the second quarter. Romney brought in the most money from PACs, at $91,500. Per his campaign policy, Obama does not accept donations from PACs.

Almost none of the candidates relied on personal wealth to significantly help boost their campaign cash. During the 2008 primary election, Romney self-financed about $35 million of his campaign. And even though he didn’t give himself a boost during the second quarter of this year, he has told multiple news outlets that he is not ruling out self-financing.

Even though none of the candidates self-financed, not everyone’s contributions came solely from individuals and political action committees. Both Obama and Bachmann made transfers from other committees.

The Obama Victory Fund, a joint-fundraising committee between Obama and the Democratic National Convention, transferred more than $12.7 million to Obama’s campaign fund. And Bachmann’s congressional campaign fund transferred $2 million to her presidential campaign account.

The financial details of the GOP presidential hopefuls may seem bleak at this juncture. But with more than five months until Iowa conducts its first-in-the-nation caucus contest, there’s plenty of time for that to change.

“Republicans are so eager to go after Obama they’re going to have no problem raising funds,” Jacobsen said. “It suggests that the Republican field is still very uncertain, the money vote hasn’t been fully cast yet.”

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